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Emissions Trading Schemes under International Economic Law$
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James Munro

Print publication date: 2018

Print ISBN-13: 9780198828709

Published to Oxford Scholarship Online: October 2018

DOI: 10.1093/oso/9780198828709.001.0001

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(p.181) 10 Conclusion
Emissions Trading Schemes under International Economic Law

James Munro

Oxford University Press

Chapter 10 summarizes the main conclusion of this book that the objects traded within emissions trading schemes—namely, carbon units—are subject to the disciplines of international economic law in a series of complex and asymmetrical ways. The significance of this conclusion is underlined by the volume and extent of prima facie inconsistencies exhibited by emissions trading schemes with international economic law and identified in this book. While the evidence available and justifications in respect of some of these inconsistencies suggests that they might be saved by certain public policy-related exceptions in international economic law, it is equally apparent that many would not be shielded. Chapter 10 also passes comment on the potential means by which jurisdictions might inoculate their emissions trading schemes from the reach of international economic law, such as by insulating schemes from external transactions, denuding carbon units of proprietary status, and framing international trade in carbon units as a matter of mutual recognition of respective jurisdictions’ technical regulations or standards under international economic law.

Keywords:   mutual recognition agreement, principles of emissions trading schemes, principles of international economic law, market-based mechanisms, Paris Agreement

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